Correlation Between Cinda Securities and Sharetronic Data
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By analyzing existing cross correlation between Cinda Securities Co and Sharetronic Data Technology, you can compare the effects of market volatilities on Cinda Securities and Sharetronic Data and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Cinda Securities with a short position of Sharetronic Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinda Securities and Sharetronic Data.
Diversification Opportunities for Cinda Securities and Sharetronic Data
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Cinda and Sharetronic is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Cinda Securities Co and Sharetronic Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharetronic Data Tec and Cinda Securities is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Cinda Securities Co are associated (or correlated) with Sharetronic Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharetronic Data Tec has no effect on the direction of Cinda Securities i.e., Cinda Securities and Sharetronic Data go up and down completely randomly.
Pair Corralation between Cinda Securities and Sharetronic Data
Assuming the 90 days trading horizon Cinda Securities Co is expected to under-perform the Sharetronic Data. But the stock apears to be less risky and, when comparing its historical volatility, Cinda Securities Co is 1.55 times less risky than Sharetronic Data. The stock trades about -0.01 of its potential returns per unit of risk. The Sharetronic Data Technology is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 2,375 in Sharetronic Data Technology on September 12, 2024 and sell it today you would earn a total of 7,585 from holding Sharetronic Data Technology or generate 319.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinda Securities Co vs. Sharetronic Data Technology
Performance |
| Timeline |
| Cinda Securities |
| Sharetronic Data Tec |
Cinda Securities and Sharetronic Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinda Securities and Sharetronic Data
The main advantage of trading using opposite Cinda Securities and Sharetronic Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinda Securities position performs unexpectedly, Sharetronic Data can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Sharetronic Data will offset losses from the drop in Sharetronic Data's long position.| Cinda Securities vs. China Petroleum Chemical | Cinda Securities vs. PetroChina Co Ltd | Cinda Securities vs. China Mobile Limited | Cinda Securities vs. Industrial and Commercial |
| Sharetronic Data vs. Lutian Machinery Co | Sharetronic Data vs. PetroChina Co Ltd | Sharetronic Data vs. Bank of China | Sharetronic Data vs. Gansu Jiu Steel |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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